Department of Numbers

Great Falls, Montana Home Affordability

The data below measures home affordability for the Great Falls, Montana metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Great Falls home affordability to other cities.

Great Falls, Montana Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Great Falls HPI series. Median household income data for Great Falls is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Great Falls, Montana Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 122.3
June 2011 122.0
March 2011 126.8
December 2010 125.6
September 2010 124.0
June 2010 125.1
March 2010 123.2
December 2009 129.7
September 2009 129.9

Great Falls, Montana Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Great Falls median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Great Falls, Montana Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 111.0
June 2011 110.7
March 2011 115.1
December 2010 114.0
September 2010 112.5
June 2010 113.5
March 2010 111.8
December 2009 134.8
September 2009 135.1

Great Falls, Montana Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Great Falls, Montana and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Great Falls, Montana Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $219,523
October 2011 $217,416
September 2011 $216,374
August 2011 $212,279
July 2011 $205,386
June 2011 $206,350
May 2011 $203,242
April 2011 $198,596
March 2011 $198,596
February 2011 $196,109
January 2011 $200,435
December 2010 $201,597
November 2010 $211,524

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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